Crude Oil Daily Technical Outlook
Oil N' Gold Team from Oil N' Gold at 10/15/09
Nymex Crude Oil (CL)
Crude oil's rally extends to as high as 75.96 so far and intraday bias remains on the upside for the moment. Current rise is still expected to continue to 38.2% of 147.27 to 33.2 at 76.77 and break will target 80 psychological level next. On the downside, below 74.64 will turn intraday outlook neutral and bring retreat but downside should be contained by 70.74 support and bring rally resumption.
In the bigger picture, medium term rise from 33.2 is still in progress and could extend further. Nevertheless, strong resistance should be seen in 76.77/90.24 fibo resistance zone (38.2% and 50% retracement of 147.27 to 33.2) to conclude the medium term rise finally. On the downside, in case of pull back, break of 65.05 is needed to indicate that crude oil has topped out. Otherwise, further rise is still in favor.
Nymex Crude Oil Continuous Contract 4 Hours and Daily Chart